Oil prices rise as Opec sticks with plan to add 400,000 bpd in November – The National

Oil prices rise as Opec sticks with plan to add 400,000 bpd in November – The National

Oil prices rose on Monday as Opec+ stuck to its plan to increase production by 400,000 barrels per day of supply for November.

The alliance, led by Saudi Arabia and Russia, plans to bring 2 million bpd back to the markets by the end of the year, as it gradually unwinds a historic production pact.

Brent, the international benchmark for more than half of the world's crude, rose 2.31 per cent to $81.11 per barrel at 5.58pm UAE time. West Texas Intermediate, the key gauge for US oil, jumped 2.13 per cent to $77.50 per barrel.